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REGISTERED NUMBER:
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Strategic Report, Report of the Directors and |
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Financial Statements |
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for the Year Ended 31 July 2019 |
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for |
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KINCH FUEL OILS LIMITED |
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REGISTERED NUMBER:
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Strategic Report, Report of the Directors and |
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Financial Statements |
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for the Year Ended 31 July 2019 |
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for |
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KINCH FUEL OILS LIMITED |
KINCH FUEL OILS LIMITED (REGISTERED NUMBER: 01492318) |
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Contents of the Financial Statements |
FOR THE YEAR ENDED 31 JULY 2019 |
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Page |
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Company Information | 1 |
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Strategic Report | 2 |
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Report of the Directors | 3 |
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Report of the Independent Auditors | 5 |
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Statement of Comprehensive Income | 7 |
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Balance Sheet | 8 |
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Statement of Changes in Equity | 9 |
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Cash Flow Statement | 10 |
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Notes to the Cash Flow Statement | 11 |
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Notes to the Financial Statements | 12 |
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KINCH FUEL OILS LIMITED |
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Company Information |
FOR THE YEAR ENDED 31 JULY 2019 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Bath House |
6-8 Bath Street |
Bristol |
BS1 6HL |
KINCH FUEL OILS LIMITED (REGISTERED NUMBER: 01492318) |
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Strategic Report |
FOR THE YEAR ENDED 31 JULY 2019 |
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The directors present their strategic report for the year ended 31 July 2019. |
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REVIEW OF BUSINESS |
The company's range of products includes the wholesale supply of gas oil, burning oil and ULSD, with 74% of this |
year's turnover arising from burning oil sales. Year on year the volumes sold of each product are similar, however |
turnover will be dependent on weather patterns and the changing price of oil. |
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The company had a profitable year, with turnover remaining consistent with the previous year. This was |
predominantly due to an increase in sales prices as the total volume in litres of products sold in the year has decreased |
by 6.2% on the previous year. |
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The average price incurred by the company on burning oil purchases in 2019 was 54.9 pence per litre (2018: 40.2 |
pence per litre). |
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The company's gross profit decreased by 3.4% on the previous year to £2,752k (2018: £2,848k). Profit before taxation |
decreased by 11.5% to £1,656k (2018: £1,871k). |
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PRINCIPAL RISKS AND UNCERTAINTIES |
At the year end the company had a strong balance sheet with significant cash deposits at its disposal. The fuel |
industry is set to decline over the long term as customers switch to more environmentally friendly heating solutions, |
however, demand currently remains high and future profitability is expected. The company is in a good position to |
deal with any short term adverse trading results, should they arise. |
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The company deals with its principal risk of fluctuating fuel prices by actively managing its sales prices on a daily |
basis. |
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Given the straightforward nature of the business, the company's directors are of the opinion that analysis using key |
performance indicators is not necessary for an understanding of the development, performance or position of the |
entity. |
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ON BEHALF OF THE BOARD: |
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KINCH FUEL OILS LIMITED (REGISTERED NUMBER: 01492318) |
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Report of the Directors |
FOR THE YEAR ENDED 31 JULY 2019 |
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The directors present their report with the financial statements of the company for the year ended 31 July 2019. |
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PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of a wholesale liquid fuel supplier to domestic |
and commercial markets. |
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DIVIDENDS |
An interim dividend of
paid. |
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The total distribution of dividends for the year ended 31 July 2019 will be £
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FUTURE DEVELOPMENTS |
There have been no major events since the balance sheet date that will affect the future performance of the company. |
The company hopes to increase sales and improve gross profit to maintain profitability. This will largely be dependent |
on future fuel prices and climate over the forthcoming periods. The company does not undertake any research or |
development activities. |
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DIRECTORS |
The directors shown below have held office during the whole of the period from 1 August 2018 to the date of this |
report. |
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STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial |
statements in accordance with applicable law and regulations. |
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Company law requires the directors to prepare financial statements for each financial year. Under that law the |
directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted |
Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors |
must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of |
affairs of the company and of the profit or loss of the company for that period. In preparing these financial |
statements, the directors are required to: |
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- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company
will continue in business. |
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The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the |
company's transactions and disclose with reasonable accuracy at any time the financial position of the company and |
enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible |
for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of |
fraud and other irregularities. |
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STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies |
Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought |
to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish |
that the company's auditors are aware of that information. |
KINCH FUEL OILS LIMITED (REGISTERED NUMBER: 01492318) |
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Report of the Directors |
FOR THE YEAR ENDED 31 JULY 2019 |
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AUDITORS |
The auditors, Haines Watts Accountants (Bristol) Limited, will be proposed for re-appointment at the forthcoming |
Annual General Meeting. |
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ON BEHALF OF THE BOARD: |
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Report of the Independent Auditors to the Members of |
Kinch Fuel Oils Limited |
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Opinion |
We have audited the financial statements of Kinch Fuel Oils Limited (the 'company') for the year ended 31 July 2019 |
which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow |
Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of |
significant accounting policies. The financial reporting framework that has been applied in their preparation is |
applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The |
Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted |
Accounting Practice). |
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In our opinion the financial statements: |
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give a true and fair view of the state of the company's affairs as at 31 July 2019 and of its profit for the year then
ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
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Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable |
law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of |
the financial statements section of our report. We are independent of the company in accordance with the ethical |
requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical |
Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe |
that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
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Conclusions relating to going concern |
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report |
to you where: |
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the directors' use of the going concern basis of accounting in the preparation of the financial statements is not
appropriate; or |
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the directors have not disclosed in the financial statements any identified material uncertainties that may cast
significant doubt about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. |
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Other information |
The directors are responsible for the other information. The other information comprises the information in the |
Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the |
Auditors thereon. |
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Our opinion on the financial statements does not cover the other information and, except to the extent otherwise |
explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
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In connection with our audit of the financial statements, our responsibility is to read the other information and, in |
doing so, consider whether the other information is materially inconsistent with the financial statements or our |
knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material |
inconsistencies or apparent material misstatements, we are required to determine whether there is a material |
misstatement in the financial statements or a material misstatement of the other information. If, based on the work we |
have performed, we conclude that there is a material misstatement of this other information, we are required to report |
that fact. We have nothing to report in this regard. |
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Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
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the information given in the Strategic Report and the Report of the Directors for the financial year for which the
financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal
requirements. |
Report of the Independent Auditors to the Members of |
Kinch Fuel Oils Limited |
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Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the |
audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
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We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to |
you if, in our opinion: |
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adequate accounting records have not been kept, or returns adequate for our audit have not been received from
branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
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Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are |
responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, |
and for such internal control as the directors determine necessary to enable the preparation of financial statements that |
are free from material misstatement, whether due to fraud or error. |
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In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a |
going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of |
accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic |
alternative but to do so. |
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Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from |
material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. |
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with |
ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and |
are considered material if, individually or in the aggregate, they could reasonably be expected to influence the |
economic decisions of users taken on the basis of these financial statements. |
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A further description of our responsibilities for the audit of the financial statements is located on the Financial |
Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of |
the Auditors. |
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Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the |
Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those |
matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent |
permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's |
members as a body, for our audit work, for this report, or for the opinions we have formed. |
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for and on behalf of
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Bath House |
6-8 Bath Street |
Bristol |
BS1 6HL |
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KINCH FUEL OILS LIMITED (REGISTERED NUMBER: 01492318) |
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Statement of Comprehensive Income |
FOR THE YEAR ENDED 31 JULY 2019 |
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2019 | 2018 |
Notes | £ | £ |
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TURNOVER | 4 |
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Cost of sales |
( |
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( |
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GROSS PROFIT |
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Distribution costs | ( |
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Administrative expenses | ( |
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OPERATING PROFIT | 7 |
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Interest receivable and similar income |
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PROFIT BEFORE TAXATION |
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Tax on profit | 8 | ( |
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PROFIT FOR THE FINANCIAL YEAR |
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OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR |
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KINCH FUEL OILS LIMITED (REGISTERED NUMBER: 01492318) |
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Balance Sheet |
31 JULY 2019 |
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2019 | 2018 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 10 |
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Investments | 11 |
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CURRENT ASSETS |
Stocks | 12 |
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Debtors | 13 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 14 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES | 15 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 16 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The financial statements were approved and authorised for issue by the Board of Directors on
were signed on its behalf by: |
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KINCH FUEL OILS LIMITED (REGISTERED NUMBER: 01492318) |
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Statement of Changes in Equity |
FOR THE YEAR ENDED 31 JULY 2019 |
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Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
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Balance at 1 August 2017 |
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Changes in equity |
Total comprehensive income | - |
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Dividends | - | ( |
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Balance at 31 July 2018 |
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Changes in equity |
Total comprehensive income | - |
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Dividends | - | ( |
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Balance at 31 July 2019 |
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KINCH FUEL OILS LIMITED (REGISTERED NUMBER: 01492318) |
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Cash Flow Statement |
FOR THE YEAR ENDED 31 JULY 2019 |
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2019 | 2018 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
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Tax paid | ( |
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Net cash from operating activities |
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Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
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Purchase of fixed asset investments | (200,000 | ) | (600,000 | ) |
Sale of tangible fixed assets |
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Maturity of fixed asset investments |
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Interest received |
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Net cash from investing activities | ( |
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Cash flows from financing activities |
Amount withdrawn by directors | (360,877 | ) | (29,898 | ) |
Net cash from financing activities | ( |
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Increase in cash and cash equivalents |
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Cash and cash equivalents at beginning of
year |
2 |
10,442,022 |
9,152,945 |
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Cash and cash equivalents at end of year | 2 | 10,860,265 | 10,442,022 |
KINCH FUEL OILS LIMITED (REGISTERED NUMBER: 01492318) |
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Notes to the Cash Flow Statement |
FOR THE YEAR ENDED 31 JULY 2019 |
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1. |
RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS |
2019 | 2018 |
£ | £ |
Profit before taxation |
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Depreciation charges |
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Profit on disposal of fixed assets | ( |
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Finance income | (62,289 | ) | (36,019 | ) |
1,818,623 | 1,942,831 |
Increase in stocks | ( |
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Decrease/(increase) in trade and other debtors |
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( |
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(Decrease)/increase in trade and other creditors | ( |
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Cash generated from operations |
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2. | CASH AND CASH EQUIVALENTS |
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The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of |
these Balance Sheet amounts: |
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Year ended 31 July 2019 |
31.7.19 | 1.8.18 |
£ | £ |
Cash and cash equivalents | 10,860,265 | 10,442,022 |
Year ended 31 July 2018 |
31.7.18 | 1.8.17 |
£ | £ |
Cash and cash equivalents | 10,442,022 | 9,152,945 |
KINCH FUEL OILS LIMITED (REGISTERED NUMBER: 01492318) |
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Notes to the Financial Statements |
FOR THE YEAR ENDED 31 JULY 2019 |
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1. | COMPANY INFORMATION |
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Kinch Fuel Oils Limited is a
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company's registered number and registered office address can be found on the Company Information page. |
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The company's principal activities and nature of its operations are disclosed in the Directors' Report. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
Kinch Fuel Oils Limited is a limited company incorporated in the United Kingdom. The financial statements |
have been prepared in accordance with applicable accounting standards including Financial Reporting |
Standard 102 "The Financial Reporting Standard Applicable in the UK and Republic of Ireland" and the |
Companies Act 2006. The financial statements have been prepared on a going concern basis under the |
historical cost convention. |
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The significant accounting policies applied in the preparation of these financial statements are set out below. |
These policies have been consistently applied to all years presented unless otherwise stated. |
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Going concern |
At the time of approving the financial statements, the directors have a reasonable expectation that the |
company has adequate resources to continue in operational existence for the foreseeable future. Thus the |
directors continue to adopt the going concern basis of accounting in preparing the financial statements. |
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Turnover |
Turnover represents net invoiced sales of goods, excluding value added tax. Revenue is recognised once goods |
have been delivered to customers. |
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Tangible fixed assets |
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and |
accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of |
operating as intended. |
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Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated |
residual value, of each asset on a systematic basis over its expected useful life as follows: |
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Buildings - Straight line over 50 years |
Fixtures and fittings - 15% on reducing balance |
Motor vehicles - 25% on reducing balance |
Computer Equipment - 33% on cost |
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Stocks |
Stocks are stated at the lower of cost and net realisable value, after making due allowance for obsolete and slow |
moving items. |
KINCH FUEL OILS LIMITED (REGISTERED NUMBER: 01492318) |
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Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 31 JULY 2019 |
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2. | ACCOUNTING POLICIES - continued |
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Cash and cash equivalents |
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid |
investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown |
within borrowings in current liabilities. |
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Financial instruments |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 |
'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. Financial instruments are |
recognised when the company becomes party to the contractual provisions of the instrument. Financial assets |
and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally |
enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise |
the asset and settle the liability simultaneously. |
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Basic financial assets, which include trade and other debtors, amounts due from group undertakings and cash |
and bank balances, are initially measured at transaction price including transaction costs and are subsequently |
carried at amortised cost. Financial assets are derecognised only when the contractual rights to the cash flows |
from the asset expire or are settled, or when the company transfers the financial asset and substantially all the |
risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are |
retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an |
unrelated third party. |
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Basic financial liabilities, including trade and other creditors and amounts due to group undertakings are |
initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the |
debt instrument is measured at the present value of the future payments discounted at a market rate of interest. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Financial |
liabilities are derecognised when, and only when, the company's contractual obligations are discharged, |
cancelled, or they expire. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive |
Income, except to the extent that it relates to items recognised in other comprehensive income or directly in |
equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
substantively enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different |
from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and |
laws that have been enacted or substantively enacted by the year end and that are expected to apply to the |
reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they |
will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
KINCH FUEL OILS LIMITED (REGISTERED NUMBER: 01492318) |
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Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 31 JULY 2019 |
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2. | ACCOUNTING POLICIES - continued |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension |
scheme are charged to profit or loss in the period to which they relate. |
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Investments |
Investments are recognised initially at fair value which is normally the transaction price excluding transaction |
costs. Subsequently, they are measured at fair value through profit and loss if the shares are publicly traded or |
their fair value can otherwise be measured reliably, unless the difference between cost and fair value is not |
material. |
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3. | CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY |
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In the application of the company's accounting policies, the directors are required to make judgements, |
estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from |
other sources. The estimates and associated assumptions are based on historical experience and other factors |
that are considered to be relevant. Actual results may differ from these estimates. |
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The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting |
estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, |
or in the period of the revision and future periods if the revision affects both current and future periods. The |
estimates and assumptions which have a significant risk of causing a material adjustment to the carrying |
amount of assets and liabilities are outlined below. |
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Impairment of debtors |
On a periodic basis management makes an estimation of the recoverability of debtors. Management makes |
such estimations based on the credit rating of debtors, the ageing profile, and historical experience. |
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Tangible fixed assets |
Tangible fixed assets are depreciated over their estimated useful lives. The actual lives of the assets are |
assessed annually by the directors and may vary depending on a number of factors. In re-assessing asset lives, |
factors such as technological innovation, product life cycles and maintenance programmes are taken into |
account. |
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4. | TURNOVER |
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The turnover and profit before taxation are attributable to the one principal activity of the company. |
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An analysis of turnover by class of business is given below: |
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2019 | 2018 |
£ | £ |
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KINCH FUEL OILS LIMITED (REGISTERED NUMBER: 01492318) |
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Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 31 JULY 2019 |
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5. | EMPLOYEES AND DIRECTORS |
2019 | 2018 |
£ | £ |
Wages and salaries |
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Social security costs |
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Other pension costs |
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The average number of employees during the year was as follows: |
2019 | 2018 |
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Administration (inc. directors) | 7 | 7 |
Drivers | 10 | 10 |
Sales | 1 | 1 |
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The aggregate remuneration split between the employee categories is: |
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Salaries |
Social
Security |
Pensions |
£ | £ | £ |
Administration (inc directors) | 172,117 | 16,085 | 21,422 |
Drivers | 308,902 | 27,220 | 5,698 |
Sales | 3,876 | 117 | - |
484,895 | 43,422 | 27,120 |
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6. | DIRECTORS' EMOLUMENTS |
2019 | 2018 |
£ | £ |
Directors' remuneration |
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7. | OPERATING PROFIT |
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The operating profit is stated after charging/(crediting): |
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2019 | 2018 |
£ | £ |
Depreciation - owned assets |
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Profit on disposal of fixed assets | ( |
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Auditors' remuneration |
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Auditors' remuneration for non audit work |
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KINCH FUEL OILS LIMITED (REGISTERED NUMBER: 01492318) |
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Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 31 JULY 2019 |
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8. | TAXATION |
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Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2019 | 2018 |
£ | £ |
Current tax: |
UK corporation tax |
|
|
|
Deferred tax |
|
|
Tax on profit |
|
|
|
UK corporation tax has been charged at 19% . |
|
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is |
explained below: |
|
2019 | 2018 |
£ | £ |
Profit before tax |
|
|
Profit multiplied by the standard rate of corporation tax in the UK of
(2018 - |
|
|
|
Effects of: |
Capital allowances in excess of depreciation | ( |
) | - |
Depreciation in excess of capital allowances | - |
|
Expenses disallowed for taxation purposes | 40 | 73 |
Gains on sale / maturity of investments | 1,570 | 2,034 |
Profit on disposal of fixed assets | (2,100 | ) | (7,994 | ) |
Deferred tax | 51,871 | 3,677 |
Total tax charge | 327,265 | 354,010 |
|
Movements on deferred tax arise from the origination and reversal of tax timing differences. |
|
9. | DIVIDENDS |
2019 | 2018 |
£ | £ |
Ordinary shares of £1 each |
Interim |
|
|
KINCH FUEL OILS LIMITED (REGISTERED NUMBER: 01492318) |
|
Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 31 JULY 2019 |
|
|
10. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Motor | Computer |
Buildings | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 August 2018 |
|
|
|
|
|
Additions |
|
|
|
|
|
Disposals |
|
( |
) |
|
|
( |
) |
At 31 July 2019 |
|
|
|
|
|
DEPRECIATION |
At 1 August 2018 |
|
|
|
|
|
Charge for year |
|
|
|
|
|
Eliminated on disposal |
|
( |
) |
|
|
( |
) |
At 31 July 2019 |
|
|
|
|
|
NET BOOK VALUE |
At 31 July 2019 |
|
|
|
|
|
At 31 July 2018 |
|
|
|
|
|
|
The company trades from land owned by the directors. No rent is charged to the company. The company owns |
and maintains the buildings from which it operates. |
|
11. | FIXED ASSET INVESTMENTS |
Listed |
investments |
£ |
COST |
At 1 August 2018 |
|
Additions |
|
Disposals | ( |
) |
At 31 July 2019 |
|
NET BOOK VALUE |
At 31 July 2019 |
|
At 31 July 2018 |
|
|
12. | STOCKS |
2019 | 2018 |
£ | £ |
Goods for resale |
|
|
KINCH FUEL OILS LIMITED (REGISTERED NUMBER: 01492318) |
|
Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 31 JULY 2019 |
|
|
13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade debtors |
|
|
Other debtors |
|
|
VAT |
|
|
Prepayments |
|
|
|
|
|
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade creditors |
|
|
Corporation tax |
|
|
Social security and other taxes |
|
|
Payments on account |
|
|
Directors' current accounts |
|
|
Accrued expenses |
|
|
|
|
|
15. | PROVISIONS FOR LIABILITIES |
2019 | 2018 |
£ | £ |
Deferred tax |
|
|
|
Deferred |
tax |
£ |
Balance at 1 August 2018 |
|
Movement in year | 51,871 |
Balance at 31 July 2019 |
|
|
The deferred tax provision relates to accelerated capital allowances. |
|
16. | CALLED UP SHARE CAPITAL |
|
|
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2019 | 2018 |
value: | £ | £ |
|
Ordinary | £1 |
|
50,000 |
KINCH FUEL OILS LIMITED (REGISTERED NUMBER: 01492318) |
|
Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 31 JULY 2019 |
|
|
17. | PENSION COMMITMENTS |
|
The company makes contributions to a number of employees' defined contribution pension schemes. The |
assets of these schemes are held in independently administered funds. During the year the company made |
contributions of £27,120 (2018: £30,734). There were no outstanding or prepaid pension contributions at the |
balance sheet date. |
|
18. | RELATED PARTY DISCLOSURES |
|
|
2019 | 2018 |
£ | £ |
Sales |
|
|
Remuneration | 15,548 | 16,496 |
Dividends | 159,000 | 162,000 |
Amount due from related party |
|
|
Amount due to related parties |
|
|
|
|
|
|
2019 | 2018 |
£ | £ |
Sales |
|
|
Remuneration | 95,200 | 106,216 |
Amount due from related party |
|
|
|
During the year, a total of key management personnel remuneration of £64,048 (2018: £77,829) was paid. |
|
19. | ULTIMATE CONTROLLING PARTY |
|
The ultimate controlling parties are Mr R C Kinch & Mrs P M Kinch. |